$70,000 Year-End Bitcoin Target Likely Too Conservative| Matrixport Research

As we near the final two months of 2024, Bitcoin is now hovering just below that $70,000 target, proving our prediction to be largely accurate despite the challenges of breaking this psychological resistance level. We anticipate that Bitcoin could break through the $70,000 mark, as political developments in the U.S. could impact market sentiment.

A potential return of Donald Trump to the U.S. presidency in 2025 could have significant implications for various sectors of the economy, including cryptocurrencies like Bitcoin. Trump’s previous administration was marked by a mix of pro-business policies, skepticism toward the Federal Reserve, and populist rhetoric, all of which could create a favorable environment for Bitcoin’s growth. Despite Trump’s earlier criticisms of cryptocurrencies, several economic and policy trends linked to his governance could, paradoxically, benefit Bitcoin.

Historically, Trump’s administration has been known for its deregulation initiatives that promote economic growth by loosening governmental controls on various industries. Trump championed policies that rolled back financial regulations introduced after the 2008 financial crisis. This general stance could bode well for Bitcoin and the broader cryptocurrency market, which often sees regulation as a constraint on innovation and growth.

Trump’s tax policies were designed to favor businesses and investors, with significant tax cuts for corporations and wealthy individuals. Under Trump’s 2017 Tax Cuts and Jobs Act, the corporate tax rate was reduced from 35% to 21%, and investors received reduced taxes on capital gains. A similar tax policy approach in a second term could benefit Bitcoin investors.

This is why our $70,000 year-end price target for Bitcoin may be too conservative despite being accurate. Last week, we noted that investors had yet to position for a potential Trump victory, and since then, Bitcoin has surged by 8%. With Trump’s odds of winning rising rapidly, the potential for even stronger returns is becoming increasingly likely.

Disclaimer: The above content is for informational purposes and reference only. The content does not constitute investment advice. Digital asset transactions can be precarious and volatile. Investment decisions should be made after carefully considering individual circumstances and consulting financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.

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